An evening walk down Dalal Street | Sensex just short of 37,000, Nifty above 11,000; Tech Mahindra up 8%
What a strong day of trade! Equities closed the session with strong gains. The Nifty ended above 11,000-mark, while the Sensex was just short of 37,000.
Both indices managed to close at over four-month highs, according to a CNBC-TV18 report.
In the broader market, the Nifty Midcap index witnessed a recovery of over 200 points from lows and ended in the green.
A rally in IT, metals and pharmaceuticals helped indices end on such a strong note.
Global equities witnessed some positive upmove, taking cues from US President Donald Trump’s State of the Union address. Back home, investors also bet big on banks ahead of crucial outcome of Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) meeting. A stronger rupee also aided the rally on indices.
At the close of market hours, the Sensex was up 358.42 points or 0.98% at 36975.23, and the Nifty up 128.10 points or 1.17% at 11062.50. The market breadth was negative as 1023 shares advanced, against a decline of 1517 shares, while 148 shares were unchanged.
Bajaj Finance, Tata Steel, Tech Mahindra and Zee Entertainment were the top gainers, while NTPC, Axis Bank, Adani Ports and Dr Reddy’s lost the most.
Stocks in the News
Shares of Tech Mahindra surged over 8 percent as investors reacted to its December quarter performance.
Global brokerages, Credit Suisse and Macquarie, believe that Marico reported a steady performance for the December quarter. The stock ended over a percent higher.
Cipla reported a drop of 17 percent (year on year) in its profit for the December quarter at Rs 332.2 crore against Rs 400.5 crore posted last year. The stock closed 4 percent higher.
Share price of Strides Pharma Science rose 2.4 percent in the early trade on Wednesday as company received zero observations from USFDA.
Shares of Blue Star fell 1 percent as company posted loss in the quarter ended December 2018.
Share price of Tata Consultancy Services (TCS) gained 1 percent as company received an order from Solidarity Bahrain.
Asia shares rose as investors looked for cues from President Donald Trump’s State of the Union address. The Nikkei 225 gained 0.14 percent to close at 20,874.06 while the Topix index slipped 0.05 percent to 1,582.13.
Meanwhile, in Asia-Pacific markets, Australian shares retraced early losses
European stocks were mixed as participants monitored another batch of earnings results. The Stoxx 600 was little changed from the previous session.